Senator Maggie Hassan To Sponsor Legislation To Ease Student Debt
A United States Senator name Maggie Hassan is working to sponsor a legislation which is aimed to help ease student debts that many young entrepreneurs are currently facing. She had introduced a new bill that would ultimately allow full-time employees and founders of smaller sized business startups to be able to opt to have their federal student loan interest that has accrued and their current payments deferred for around three years while the businesses are just being started. She also added a section in the bill that could help business startups in other ways. One such way includes the ability for startup businesses which are located in economically stressed areas and cities to be able to cancel up to twenty-thousand dollars of their student loan debts after successfully making two years worth of payments in a row or twenty-four months.
Decline In Startups Because Of Debt Stress
U.S. Senator Hassan is a first-term democrat. She is worried that as the amount of student debt continues to rise, there has been a worrying decline in the amount of young entrepreneurs. She feels that in order to keep our economy growing and succeeding, the government needs to help these young startup business entrepreneurs relieve some of their student loan debt burdens. These student debts are a big reason why many young business savvy students don’t end up starting any businesses or launching new, innovative ideas into the economy.
Debt Relief Available To Startup Businesses And Young Entrepreneurs
This debt relief program was designed to help young entrepreneurs get out of their endless debts in order to survive being able to start a new business. The program is available for startup businesses that are certified through the Small Business Development Centers. These centers are hosted by state programs and universities. They are also hosted by economic development agencies through the state as well. They are all funded through partnerships. The partnerships are with the United States Small Business Administration.
The former state director of the Small Business Development Center in New Hampshire, Mary Collins, has said that the student loan debts that many young people have from schooling is what keeps many of them from being able to get the necessary loans or capital that is essential to get a business of their own started and off the ground. Collins also stated that the bill that Hassan is creating is going to really help young entrepreneurs expand their current businesses into engines to force the economy into the future.
Not The Most Popular Bill With The Taxpayers
Many people around the state are not happy with the new bill that Hassan in introducing. They feel that if a business can’t pay their bills, including their student loans, their business is doomed to fail anyway. And many taxpayers are wondering who is going to foot this bill to help pay off the debts of up to twenty-thousand dollars that these entrepreneurs are going to be forgiven for. The act is call the ROI Act, or Reigniting Opportunity for Innovators Act. It is aimed at offering debt relief to those with student debts that are trying to start new entrepreneurial businesses in the Granite State and also across the United States.
Hassan wants to help many business savvy students to not give up on their dreams of starting a new business with their innovative ideas because they have too much student loan debt to pay back. Like stated earlier, this program will be especially important for those that are looking to start new businesses in economically stressed areas in the state and across the nation to help build up these areas and get the economy back on track.